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20130615
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to show the fed will continue to stimulate the economy. the dow soared 138 points, the nasdaq up 30 and the s&p by 13. gold sold off as oil gained. in the after-hours session, shares of lay-z-boy and adobe both initially rallied on earnings news. adobe beat estimates, but the future is in question. facebook will be out with its new big idea tomorrow. a new way to show photos or videos is highly suspected. and treasury secretary jack lew is giving up his loopy signature for a more traditional one he will use to sign banknotes starting this fall. larry shover of sfg alternatives joins us for trader talk. good to have you on the show this morning larry, and i am wondering how you are preparing for this fed day. - the way i am preparing today is just keeping the powder dry. clearly the smarter money - not to say that i am, but the bigger, smarter money - has been on the sidelines really for the past two to three weeks. a lot of big moves we have seen have been just dramatically done by hedge funds, futures, and fast money. so, i am keeping the powder dry. - it's easy to forget the other
bit. still means that there's monster stimulus coming into the economy. - were you surprised, though, how quickly people traded off that news coming in from the wall street journal, and then the financial times, during the session? that really moved the market. - i think there has been very little volatility. the move index, which people don't talk about too much, is similar to the vix index. the vix index is the volatility index in the stock market. the move index is a similar index for the bond market. it was at an all-time low at the beginning of may. it was at about 48. as of last week, it got into the mid 80s. so in may, i don't think the market necessarily, from a chain-weighted option volatility index, was expecting much of a move. as these numbers came into the market and some of the rhetoric came into the market, i think it caught people a little bit behind in terms of their hedging. so i think that caused the market to rally and race a little bit to get to a point where people feel like if there is some tapering, they are a little more comfortable with where rates are. - go
over. in today's cover story....how the fed decision will effect the economy short and long term. plus.... why one analyst says its a buyers market for muncipal bonds. and....bill buster.... why you may be wasting hundreds of dollars on your cell phone bills. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas good morning!it's thursday, june 20th. im angela miles. in today's first look: the market's taper caper. stocks fell dramatically yesterday on word from the chairman -- the federal reserve may taper its bond buying program by the end of the year. the dow fell more than 200 points, the nasdaq deopped 39 and the s&p 23... as traders yanked money out of the stock market. gold and oil also sold off. in irs updates, fbi agentsare said to be to working on a criminal probe into scrutiny of conservative groups. while an irs employee contends the targeting did not originate from the white house. and dunkin' donuts reportedly goes gluten free with some its doughnuts and muffins.dunkin makes the move ahead of rivals mcdonal
on stimulating the economy with low interest rates. as the vix bounced in yesterday's trading session, stocks dropped in big volume. there was red across the screen in the super sell- off, with the dow sinking 354 points, the nasdaq down 78 and the s&p off by 41. the dow is now below 15,000 and the s&p broke 1,600. gold tumbled to a 2-year low, dropping $94, and oil lost $3.30. we could be in for a wild ride ahead. it's options expiration day, and add to that, oracle turned in earnings that missed on sales. oracle also plans to leave the nasdaq for the nyse. we begin today with prospective coming from todd horwitz of average joe options to talk about that taper tailspin. good morning to you. - good morning to you. what's going on? - stocks sold off heavily, bonds sold off heavily. is this move overdone? - you know, it might be overdone here in the short-term. i mean, i would look for probably 1580 in the s&p for a little bit of a bounce. but overall, i think this is where we're going to go. i think the market's looking for a reason to correct. i think we finally got some good substance to go
firm is moving back to the financial sector with the housing market recovering, the economy stable, and businesses and consumers ready to borrow. a number of critical shareholder meetings are coming up, including a meeting today of elan shareholders. and this one is big. elan has been the focus of the hostile takeover battle of the year, and now the company is up for sale. board members want royalty pharma to make an offer. the company already rejected royalty's $6.7 billion bid. what's at stake are profits from elan's potential new blockbuster drugs. friday, shares closed up $1.05. meanwhile, office depot's largest shareholder is pushing for decisions. starboard value claims the office supply company failed to hold a shareholder meeting to elect new board members. starboard wants the board elected now, in the event the company's plan to merge with office max falls through. a special shareholder meeting is set for july 10th. the new contract for caterpilllar workers went into effect sunday, and just as employees signed off on the deal, cat is laying off a third of the workers nex
Search Results 0 to 4 of about 5